Australian dollar strategy from ANZ:
The AUD is trading towards the top of recent ranges (USD0.72-78) but is unlikely to breach this range in our view.
In the near-term, risk appetite is looking stretched and the AUD will struggle to break out in the absence of a renewed leg in the reflation trade. Further out, a stronger USD and narrowing interest rate differentials should see the AUD soften over the course of the year.
